Sun Vending Technology raises cash for ambitious machine expansion in Thailand
Source Nikkea Asia
Thailand retail giant Saha Group is looking to capitalize on the pandemic-driven rise of vending machines. According to a report in Nikkea Asia, Saha plans to significantly expand the number of machines run by a group company that recently went public.
Apassara Panupatthana, managing director of Sun Vending Technology, told the news outlet: "We will have 20,000 vending machines by 2023." Sun Vending Technology was listed on Thai stock exchange Oct. 19. It currently operates about 13,800 vending machines.
According Nikkea Asia, vending machine placements have surged in Thailand as convenience stores were forced to cut 24/7 operating hours throughout the pandemic.
Sun Vending's machines mainly operate in business and industry accounts, where they vend drinks, snacks and instant ramen, among other consumables. The vendor makes extensive use of cashless and smartphone payments. Some of the proceeds raised in Sun Vending's IPO will be used to update its vending machines.
Saha Pathana Inter-Holding Plc. (SPI), founded in 1972, is the parent company of Saha Group, Thailand's largest consumer product conglomerate. Saha Group plays an important role in the daily life of every Thai. It is an important driver of economic growth of the country with more than 200 companies and over 100,000 employees.
